MONTREAL—Today Quebecor World reported a net loss of US$654 million in the fourth quarter of 2008 for the period ending December 31, 2008, up from the US$1.8 billion loss it posted in the same period last year.

In the fourth quarter, the company generated US$1.0 billion in revenues, compared to US$1.2 billion in the fourth quarter of 2007. In 2008, the company had revenues of US$4.0 billion, down from US$4.7 billion in 2007, and a loss of US$1.66 billion, compared to US$2.0 billion in 2007.


Quebecor World, which is still operating under creditor protection, says it took a variety of cost-cutting measures in 2008, including reducing its workforce by 12%, and slashing selling and administrative expenses. The company has also been granted a stay under the CCAA process until May 31, 2009.